Posted on 11/09/2008 4:50:29 PM PST by Lorianne
Banks, which are losing billions because many card holders aren't paying anything, seek OK to forgive up to 40% of strapped consumers' debts
(Excerpt) Read more at newsday.com ...
I hope you don’t mind, I made this my wallpaper, hubby is gonna be cleaning the monitor himself tomorrow morning!!
What am I looking for in that link?
LOL! By all means.
I have played this whole game wrong. I have no debt.... including no mortgage. I own a house on a golf course, 3 cars and one is a Vette, I pay my credit card in full every month. WHAT WAS I THINKING?? I’m not going to get a dime out of any of these bailouts!!
Are the banks going to get a bailout while still holding the cardholders responsible? How is this going to work?
Are the banks going to keep their credit ratings while the consumers lose theirs?
Is this Obama's idea of spreading the wealth?
-PJ
So, if I run out and buy plenty of “assault” weapons and ammo for a lifetime, all will be forgiven? Cool.
Get out the butter and jam, You’re Toast!
That is actually an excellent idea. Cutting the maximum allowable rate will dramatically increase the free cash flow of many middle and lower income consumers. It will also reduce the amount of credit card defaults -- which have way more negative impact on the overall economy than reduced earnings by credit card issuers.
Normal businesses work with their customers in tough times - offering better terms, reduced payments, etc. That way the principal is more likely to be paid. Large credit card issuers won't do it themselves since they have a predatory business model. That's why we, through our representatives and senators, should do it for them.
But the banks will fight it to their last breath since they can use taxpayer money to bail them out from accounts that default but not to otherwise increase their earnings. They would rather squeeze the accounts they can at 29% and let us the taxpayers end up with the accounts that default.
That is the person who is allegedly claiming that Obama is the son of a Cuban. Someone could just be using his name and creating a hoax..
He was involved with the Bay of Pigs invasion, lives in exile, and has friends that were CIA operatives.
If any investigative person at Free Republic wants to call Oswald and ask him about the rumor that he says Obama is the son of Francisco Cundo...here is the info at the bottom of the page or you can email him.
http://www.amigospais-guaracabuya.org/oagoh008.php
I can hear him saying “In America, credit card companies pay YOU!”
WHOA...here is a picture of Francisco Cundo
Banks need government permission to forgive debts? Has it always been that way, or only since the most recent bankruptcy bill?
It’s news to me.
I'm surprised you would have a mortgage from an evil bank.
Don’t worry, now you can sing HAIL TO THE THIEF without fear of contradiction.
Well, technically they added dozens of 0s. After the first one, they each get a little easier...
Plus their currency has an expiration date on it, so you can't "hoard it." It's spend it, put it in the banking/credit system, so you can't control it, or lose it.
Mark
As I read the article, there is no government money involved. The banks want to forgive up to 40 percent of the debt in an effort to recoup the other 60 percent rather than lose 100 percent because the person can’t pay. While this may initially sound like deadbeats getting another break, we need to consider the practices of the credit card companies.
Many of these people borrowed relatively small amounts but were charged interest rates and various fees at a rate a self-respecting loanshark would have been reluctant to charge 20 years ago. It is not unusual that a person who had a four to five thousand dollar debt saw his interest rate double or triple and incurred fees greater than the original interest. Many of the people have paid more actual dollars than they originally borrowed but still have a balance greater than the original loan. The predatory practices of the credit card issuers do not warrant sympathy.
Making a decent profit is absolutely necessary to remain in business but gouging people just because you have the power to do so is not free enterprise at it’s best. I normally think everyone should meet his or her obligations but when I encounter a skunk and a porcupine involved in a pissing match I normally don’t pick a favorite.
I hope what you say is true. But I smell another bailout.
DING! DING! DING! We have a WINNER! The chance of this or any bailout making its way to the American taxpayer is: Zero!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.